JACKSONVILLE — The consulting firm representing Lon Morris College in Jacksonville released the following statement to Fox 51 on Wednesday, regarding the status of the school's financial problems:
"Lon Morris College is an East Texas institution with a mission to educate students so they can better serve their community and themselves. The College has experienced negative cash flow in recent years and overextended itself in an attempt to increase its athletic programs. Debts have mounted, causing the college to employ reorganization professionals with Bridgepoint Consulting, and appoint a Chief Restructuring Officer, who conducted an assessment of the school.
The Board of Trustees of Lon Morris College and their advisors considered the Bridgepoint assessment, and have determined the College's mission would be best served under the current circumstances by entering into a transaction or agreement with another educational institution. Dawn Ragan, the Chief Restructuring Officer for Lon Morris, said " Discussions with multiple entities are ongoing, and an initial agreement is expected this summer. A modified academic program that will continue compliance with the SACS accreditation policies is currently being developed for the upcoming academic year. Athletic programs are expected to be eliminated. Students will be notified of applicable options available to them. The College is continuing to work on its financial restructuring efforts, and continues to receive strong support from its faculty and employees, the community, alumni, the Texas Annual Conference of the Methodist Church, and its creditors. We are hopeful that the community and future students will benefit from our efforts to achieve the best outcome for Lon Morris, but recognize that near-term disruptions are inconvenient and inevitable."